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ITN for Investment Advisory Services Wright State University Finance & Audit Committee Presentation JP Cavaliere 610.676.2614 [email protected] MJ Bobyock, CFA 610.676.1767 [email protected] September 26th, 2014 FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. © 2013 SEI1 Agenda Introduction of SEI and team Discretionary Model WSU: Objectives, Observations and initial recommendations Process, Timeline and Next Steps IPS Changes Comparing the Portfolios – Old vs. New Appendix: Additional information on SEI Capital Finance Analysis Team Biographies Disclosures FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. 2 SEI overview: 20 years of taking accountability for client investment results • Publicly held firm (NASDAQ: SEIC) • Global company with U.S. headquarters in Oaks, Pennsylvania • Over $74 billion in institutional assets under management1 • A financially sound organization2 • Serving 150 nonprofit clients worldwide – Repurchased more than $933 million in SEI stock since January 2008 – More than $532 million of unrestricted cash on hand • Providing discretionary asset management and investment outsourcing solutions for nonprofit clients for more than 20 years • Significant annual investment in research tools and technology for investment management • Dedicated group of market specialists and investment experts working with nonprofit clients 1As of June 30, 2014. $249 billion in firm wide assets under management. 2As of June 30, 2014. Source: SEI second quarter earnings release, July 23, 2014. FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. 3 Representative SEI clients Non-Profit/Healthcare Corporate Capital Health System (Trenton, NJ) Boston Mutual Life Insurance Co. (Boston, MA) Central Connecticut State University (New Britain, CT) Brinks Company (Richmond, VA) Children’s Mercy Hospital (Kansas City, MO) Clarks Companies, N.A. (Boston, MA) College of Central Florida Foundation, Inc. (Ocala, FL) Cliffs Natural Resources (Cleveland, OH) Columbus Jewish Foundation (Columbus, OH) Carmeuse North America Group (Pittsburgh, PA) Cooper Health System (Cherry Hill, NJ) Covidien (Mansfield, MA) Des Moines University (Des Moines, IA) Dayton Power & Light Company (Dayton, OH) Fresno Regional Community Foundation (Fresno, CA) Ecolab, Inc. (St. Paul, MN) La Salle University (Philadelphia, PA) Givaudan Corporation (Cincinnati, OH) Lee Memorial Health System (Cape Coral, FL) The J.M. Smucker Company (Orrville, OH) Marvin M. Schwan Charitable Fnd (Earth City, MO) Joy Global, Inc. (Milwaukee, WI) Reinhardt University (Waleska, GA ) Lafarge N.A. (Chicago, IL) Southwest Florida Community Fnd (Fort Myers, FL) LVMH Moet Hennessy Louis Vuitton (New York, NY) Springpoint Senior Living (Princeton, NJ) Mitsubishi Motors North America, Inc. (Cypress, CA) Wright State University Foundation (Dayton, OH) Panasonic Corporation (Secaucus, NJ) Representative clients reflect a partial list of US institutional clients selected from SEI’s complete client roster with assets in excess of $25 million that have provided SEI with permission to use their names in marketing materials. The inclusion of particular clients on this list does not constitute an endorsement or recommendation of SEI’s products or services by such clients. Client list as of June 30, 2014. FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. 4 Your SEI team of experts develops and executes an investment strategy based on organizational goals Client Portfolio Manager Advisory Expert Accountable for client investment strategy Responsible for creating asset allocation tied and implementation to client’s goals and mitigating risk • Regular portfolio and manager reviews • Industry trends and best practices • Strategy to meet alpha objectives and portfolio goals • Spending policy analysis • Active point of view on global investment markets, asset • Capital Market Assumptions classes, managers and investment vehicles • Asset Allocation recommendations • Risk management • Investment Policy formulation • Strategy and investment oversight • Portfolio modeling and stress testing MJ Bobyock, JP Cavaliere • Collaborates with asset allocation and manager research specialists CFA MANAGER RESEARCH & ASSET ALLOCATION / CUSTODY / OPERATIONS SELECTION RISK MANAGEMENT • Portfolio construction • Capital market assumptions • custody services • Alpha source identification • Portfolio modeling • Integrated technology / • Equity, fixed income, alternative • Stress testing reporting platform investments manager selection • Active investment management • Securities trading • Dynamic asset allocation • Alpha source and tracking error • Ongoing manager oversight analysis FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. 5 Flexible levels of delegation • There are several levels of investment management delegation available Range of Discretionary Delegation Models • The first level offers discretion for manager-related decisions, such as SEI Initial Investment hiring and replacement Policy • Full discretion would include discretion Active Asset over manager-related decisions and Allocation Manager Oversight ongoing asset allocation changes in (Hiring/Replacement) accordance with bands pre-established Asset Allocation in the Investment Policy Statement Studies • SEI offers flexible levels of discretion Manager Searches Traditional Discretion Over based on the needs and goals of your Full Discretion organization Consulting Manager Selection Client/Committee Decision Provider Discretion Potential Benefits: - Opportunistic investments to take advantage of short-term market opportunities - Ability to mitigate various risks to the portfolio - Efficiently implement SEI’s point of view FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. 6 Wright State University Investment Fund Objectives Investment Objectives – seek to maximize long-term total returns consistent with prudent levels of risk while maintaining compliance with the State of Ohio Guidelines The Wright State University Investment Fund seeks to accomplish this investment objective through decisions that are in the best of interest of the Fund. Items to consider when evaluating investments: 1) Safety: investments should be made to preserve capital in the overall portfolio over time 2) Liquidity: maintain the ability to sell investments on short notice to raise cash needed to meet the University’s operating requirements 3) Return on Investments: the overall portfolio should be constructed to achieve the highest level of total return with a prudent amount of market risk FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. 7 Process, Timeline and Next Steps FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. 8 November 2013 –Cross functional review team formed ITN for December 16, 2013 –ITN released Investment February 3, 2014 –Core team narrowed pool Advisory Services from 17 to 9 firms for further consideration February 5, 2014 –Full committee selected 5 firms for presentations April ‐ May 2014 –Contract negotiations held with SEI March 5‐10, 2013 – Finalist firms presented to review committee March 17, 2014 –SEI selected to begin contract negotiations May 28, 2014 – Contracts with SEI executed May 29 – June 30, 2014 –Conference calls held to discuss transition of assets July ‐ October 2014 –Conference calls held to develop metrics, discuss IPS revisions and transition to OCIO model, discuss diversifying strategies, transition portfolio assets, develop Board presentation October 10, 2014 –Board considers approval of revised IPS October – December 2014 – Educational sessions on Structured Credit and Private Real Estate By January 2015 –SEI reallocates portfolio in accordance with updated IPS IPS Changes FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. 10 Wright State University Investment Fund IPS Changes Wholesale changes within the WSU Investment Fund IPS to correspond with the new Outsource CIO/Fiduciary Manager model that the University has adopted Previous IPS Recommended IPS Definitions, roles and responsibilities all written for Broader responsibilities for various university work with a traditional consultant parties and more of an emphasis put on the Fiduciary Manager for manager selection, rebalancing, etc Removal of any reference to investment consultant Fiduciary Manager reports to committees and and investment manager duties board on changes to investment managers and asset class weights Asset class targets were for Diversified Portfolio Combined targets/ranges to each WSU pool and only look at a Total Combined level with recommended targets and ranges Broad asset classes: Global Equity, Global Fixed Broad asset classes: Global Equity, Global Fixed Income, Real Assets and Diversifying Strategies Income, Inflation Hedge Strategies and Alternatives Definition of investments and restrictions were built Broader explanations of investments in each asset toward the traditional consultant model class; kept restrictions in place where appropriate FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. 11 Wright State University Investment Fund IPS Changes Original IPS Allocation and Ranges for Diversified Pool Recommended IPS Allocation for Diversified Pool Asset Class Target % Range Asset Class Target % Global Equity 60% 50 – 75% Global Equity 53% U.S. Large/Mid Cap 25% US Large Cap (S&P 500 Index) 10% U.S. Small Cap 10% US Managed Volatility 12% International Equities 20% U.S. Small/Mid Cap 3% Developed Large Cap 12% US Small Cap 3%
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